by Jenniffer B. Austria
[ manilastandardtoday.com ] January 27, 2010
Share price of Anchor Land Holdings Inc. continue to go up on the continued accumulation of Sybase Equity Investments Corp., a private company owned by retail tycoon Henry Sy.
Anchor Land closed Tuesday at P9.50, up 13.1 percent from P8.40 apiece in the previous day, making it one of the top gainers at the Philippine Stock Exchange.
Shareholdings of Sybase rose to 29.25 percent of Anchor Land at the end of November last year from an initial 10.17 percent during the initial public offering of the company in 2008.
Sybase in November purchased 190,000 shares from the stock market at a price range of between P8.20 and P8.50 a share.
Sybase earlier acquired Anchor Land shares owned by existing shareholders, namely Anchor Land president Imelda Taneda Sze and stockholder Rena Obo Alvarez, who sold 21,493,168 and 13,173,232 common shares, respectively, at P6.50 per share.
Anchor Land has found a niche market in the ethnic Chinese community. One of its newest projects outside of Manila is Clairemont Hills, located on a 6,000-square-meter property in San Juan City. The project will offer a 15-story, twin-tower residential development and eight single detached units.
Construction of the project will start this year and target Filipino-Chinese families as well as those looking for halfway houses.
Anchor Land in June completed the acquisition of historic Admiral Hotel as part of its P4-billion development plan in the prime Manila Bay area.
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